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urged that we resolve both the fiscal cliff and the debt limit at the same time. what we don't want to do is go the brink on the economy now and then threaten the economy again two months later. we have to deal with both problems together in the weeks ahead for the good of the economy. >> there's a cumulative psychological effect. if we don't deal with it quickly it builds. as you pointed out it's already starting? >> i think there's a modest effect so far. i don't think it's dramatic. it's incremental. the closer you get the bigger it gets and then it gets somewhat more serious after january 1st. the other side of the coin i wish this weren't so but to get movement, particularly on the republican side or on the tax cuts for very high end people which average, this is an average tax cut of 130,000 a year for people that make over a million a year in my view we can't afford that. to get that kind of movement we might actually need to go into early january, maybe the stock market fluctuates a bit, there's great concern if it's a big story in the media now it's an
these issues, if they don't scale back the cliff and raise the debt ceiling and address long-term fiscal issues we have a huge problem on ourselves hands. i think the political star are aligned. the president has his legacy. he's a second-term president and i think he really wants to address this and i think the republicans want to address it as well. so i think we'll get it together. >> schieffer: underline for me again, what happens if they don't get a deal? number one, taxes go up for everybody. >> yeah. so the first thing that happens on january 1, everybody's tax rate-- everybody, everybody in this room, across america-- tax rates will go up >> because the bush tax cuts expire. >> because the bush-era tax cuts expire and everybody's tax rates go up. and then we have a boat load of spending cuts. as part of various deals we have a big cut to defense budget, nondefense. add up it it's 4.5% of the nation's g.d.p. that jus evaporates. >> schieffer: what do you, will happen? >> i didn't believe we would get as close to the wire. i sit in exphurk and look from the mark's perspective. i think the
moneywatch time now on a thursday. stocks get a boost from fiscal cliff talks and starbucks spills the beans on expensive coffee. ashley morrison is here in new york with more. >> reporter: asian markets got a lift on optimism from debt talks in washington. tokyo's nikkei rose 1% while the hong kong hang seng gained 1%. wall street got a boost from the fiscal cliff talks. dow added 106 points after being down triple digits earlier in the day. nasdaq gained 23 points. the u.s. economy is growing at a steady pace according to the latest report from the federal reserve. the so-called beige book survey shows a pickup in consumer spending and home sales in october and early november. economic growth improved in nine of the 12 federal reserve districts but superstorm sandy hampered growth in the northeast. could the dollar bill be going the way of the doo-doo. a congressional panel is once again calling for the u.s. to stop printing singles and switch entirely to dollar coins. the nonpartisan panel believes it could save taxpayers money. it's more expensive to produce coins but they last about six
on encouraging news from washington on the "fiscal cliff" issue. ashley morrison of cbsmoneywatch.com joins us. good morning, ashley. >> reporter: good morning, to you, frank and michelle. asian markets got a lift this morning on growing optimism from debt talks in washington. tokyo's nikkei rose 1% while hong kong's hang seng also gained about 1%. the improvingometer mitchell on the "fiscal cliff" gave wall street a boost, as well. the dow added 106 points after being down triple digits earlier in the day. while the nasdaq was up 23. >> could the dollar bill be going out of style? a congressional panel is once again calling for the u.s. to stop printing singles and switch entire to dollar coins. the nonpartisan panel believes the switch could save taxpayers money. it is more expensive to produce the coins but they last about 6 types longer than the paper bills. i don't know. it's going to make my bag heavier for sure. >> that's what i was thinking. my purse is already heavy. >> got four bucks? let me see it here. >> ashley, from time to time frank will go and make a starbucks run for us but i
on where the argument over the fiscal cliff goes. and the consequences if congress fails to get agreement. we'll talk to maya macguineas, head of the campaign to fix the debt. mark zandi of "moody's "analytics. and our own john dicker sen. captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. >> schieffer: and good morning again. treasurer treasury secretary tim geithner laid out the emotion's opening offer on how to fix the debt. it wasn't what the republicans want to hear. basically geithner said no waw to cut a deal without raising taxes on upper income americans. even though, he said he's optimistic some kind of deal can be reached by the end of the year, and he said 98% of americans will not see a tax rate increase. here's what he told us when we sat down with him. >> i do think we're going to get there because the only thing that stands in the way of an agreement that's good for the economy is if a group of republicans decide they're going to block and increase in tax rates on the wealthiest americans. i think it's unlikely they will choose t
've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows that the only major deficit cutting deals we ever do around here ever comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a nonstarter for those of us who do. >> reporter: public opinion generally is on the president's side. house republicans are not paralyzed or powerless. in fact, they're more unifyied behind speaker boehner than they were on the debt crisis a year ago. why does this matter? the white house is noticing if there is a deal boehner can find the votes to pass it. >> thanks. we want to give you an idea of what's really at stake here. rebecca jarvis has a lock at how the government spends money and how it could spend less. rebecca, good morning. >> good morning. >> it comes up in terms of the
Search Results 0 to 5 of about 6